By Christmas this year, the world’s largest refinery complex will be operational in western India. It will produce 1.1 million barrels a day. Recent development is partly financed by a loan guarantee from the Export Import Bank of the United States. American companies have played a major export role in the new refinery’s success. San Francisco based Bechtel provided design and project management, Kansas City-based Black & Veatch sold sulfur and gas treatment units, New Jersey’s Foster Wheeler provided industrial heaters, and UOP near Chicago supplied catalytic converters.
In 2007, American sales into India shot up a breathtaking 74.3% percent according to US government numbers. Despite the slowdown, 2008 numbers so far have recorded a further 46.3% increase. The gain spans many sectors. For instance Aircraft sales were up three times primarily on account of Boeing’s civilian successes. And the military wing of Boeing has just bid on a $10.5 billion fighter project. Another American vendor, Lockheed Martin is also in the race. Sales of boilers and machinery rose by more than a third. So did fertilizers. And optical and medical instruments rose 26%.
India is already among the top 20 trade partners for the United States but the future holds a much larger potential. My company’s clients are seeing rises in orders from India regardless of industry. In my book, Business in 21st Century India, I talk about the Six C’s driving demand in India. Few western executives can afford to ignore the potential of India in these challenging times.
